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Monday, February 8, 2010

As many of my Portola Hills clients know, I am not one to jump on the short sale band wagon. That doesn't mean I won't do one, I just won't do one for the sole reason to get a sale. It is imperative for my clients to truly understand what the outcome of a short sale can be. Recently I had a client call me, I did not do their short sale and asked "Kelly we just got a 1099 for the difference between what we ended up selling for and what owed, what are we suppose to do with this"

This is a common question, first please, please, please if you are going to do a short sale make sure to read your contract to ensure the lender can not come after you for the difference at a later point. Secondly please speak with a tax professional to understand in your state what the tax consequences are. Also I recommend speaking with a financial counselor to discuss how it will impact your credit. No doubt, your credit is going to be shot, but that is not forever.

I came across this video, that clearly explains why banks push for short sales. In my opinion if the bank is pushing for something, go the opposite direction. I don't want to sound harsh we just all know where their loyality lies these days and it is not with their customers rather their bottom line. So check it out.

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Kelly Turbeville is a licensed Realtor with Keller Williams Realty, Inc. The above information is provided for information purposes only. When provided based on information from the Association of Realtors/Multiple Listing Service as of (date of publish) Display of any MLS data is deemed reliable but not guarantee by the MLS. The Broker/Agent providing the information may or may not have been the listing or selling agent.